|
Report Date : |
02.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
FLOWSERVE B.V. |
|
|
|
|
Registered Office : |
Parallelweg 6 4878AH Etten-Leur |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.01.1971 |
|
|
|
|
Com. Reg. No.: |
20052878 |
|
|
|
|
Legal Form : |
Besloten
Vennootschap |
|
|
|
|
Line of Business : |
Manufacture of Machinery and Equipment |
|
|
|
|
No. of Employees : |
546 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Netherlands |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
NETHERLANDS - ECONOMIC OVERVIEW
The Dutch economy is the fifth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. The government also sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit of 3.8% of GDP.
Source
: CIA
Company name Flowserve B.V.
Tradename Flowserve BW/IP International BW/IP
International Pump Division BW/IP
International Seal Division
IDP Pumps
Worthington Pumps
Jeumont-Schneider Pumps
Pleuger Pumps
Flowserve Pump Division
Flowserve Pump Division - Engineered Services Integrated Solutions
Address Parallelweg 6 4878AH Etten-Leur
Netherlands
Mail address Parallelweg 6 4878AH Etten-Leur Netherlands
Telephone number 0765028200
Telefax number 0765028487
E-mail address info@flowserve.com
Website www.flowserve.com
VAT number / RSIN 006147616
Branch(es) 8 branches
Merger/Split Demerger proposal:
Op 14-11-2012 Proposal - demerger registered Demerging entity: Flowserve B.V.,
20052878 New registration: new set up Besloten Vennootschap: Flowserve Germany
Activities of holding companies B.V.
|
Handelsregisternummer |
20052878 |
|
Registered in |
Chamber of commerce Zuidwest-Netherlands |
|
Act of foundation |
29-04-1987 |
|
Date of constitution |
01-01-1971 |
|
Continuation date |
29-04-1987 |
|
Last change in statutes |
12-09-2007 |
|
Legal form |
Besloten Vennootschap |
|
Place of constitution |
Breda |
|
Capital |
EUR |
|
Issued capital |
EUR 471.932 |
|
Paid up capital |
EUR 471.932 |
|
Legal form at first registration |
Besloten Vennootschap |
NACE-code MANUFACTURE OF MACHINERY AND EQUIPMENT (29)
Manufacture of pumps and compressors (2912)
SBI-code Manufacture of machinery and equipment n.e.c. (28)
Manufacture of non-hydraulic pumps and compressors (2813)
Formal objective Het vervaardigen, verkopen en het verlenen van diensten (service) (ten aanzien) van al dan niet gestandaardiseerde mechanische centrifugaalpompen en aanverwante systemen en produkten voor de olie- en petrochemische industrie, krachtcentrales en aanverwante industrieen. Reparatie en aanpassing van pompen.
|
Employees |
Total: 546 |
|
|
|
|
Bookyear |
|
2012 |
2011 |
2010 |
|
Number |
|
546 |
758 |
1087 |
|
Change |
|
-27,97% |
-30,27% |
117,40% |
Subsidiary Flowserve Flow Control Benelux B.V.
Rechtzaad 17
4703RC Roosendaal
KvK: 20042924
Flowserve Netherlands Management B.V.
Parallelweg 6 4878AH ETTEN-LEUR
KvK: 20130060
Flowserve Finance B.V.
Parallelweg 6 4878AH ETTEN-LEUR
KvK: 34138212
Flowserve International B.V.
Parallelweg 6 4878AH ETTEN-LEUR
KvK: 33302300
Company structure The consolidated annual accounts comprise the financial information of the following companies:
Flowserve International B.V . Amsterdam. the Netherlands
Flowserve Flow Control Benelux B.V. Roosendaal, the Netherlands
Flowserve Netherlands Management B.V. Etten-Leur. the Netherlands
Flowserve Finance B.V. Etten-Leur. the Netherlands
Flowserve Belgium N.V. Antwerp. Belgium
Flowserve Dortmund GmbH & Co. KG. Dortmund. Germany
Flowserve Dortmund Verwaltungs GmbH. Dortmund. Germany
IDP Pumpen GmbH. Germany Deutsche Ingersoll - Dresser Pumpen GmbH. Germany Ingersoll – Dresser Pumpen GmbH. Germany Flowserve Flow Control GmbH. Germany Gestra AG. Bremen. Germany
Gestra Polonia Sp. Z.O.O .• Poland
Flowserve Hamburg GmbH. Hamburg. Germany
Flowserve Essen Grnbl-i, Essen. Germany
Flowserve Ahaus GmbH. Ahaus, Germany
Flowserve S.A.. La Chaux-de-Fonds. Switzerland
Calder AG. Egliswil. Switzerland Flowserve (Austria) GmbH.
Brunn am Gebirge. Austria
Flowserve Sri. Corrnano, Italy
Ingersoll Dresser Pumps Sri. Cormano, Italy
Worthington Sri. Cormano, Italy
Flowserve Compression Systems GmbH.
Austria Flowserve France Holding SNC. France
Flowserve France SAS. France
Flowserve SAS. France
Flowserve Pompes SAS. France
Flowserve Pleuger SAS. France
Flowserve Sales International SAS. France
Flowserve FSD SAS. France
Flowserve Polyvalves SAS. France
Flowserve International Limited. England
Flowserve GB Limited. England
Audco Limited. England MF Sealing Systems Limited. England
Flowserve Finance SARL. Luxembourg
Flowserve OOO. Russia
Flowserve Kazakhstan LLP. Atyrau. Kazakhstan
Flowserve Czech Republic sro, Czech Republic
Flowserve Norway AS, Norway
At 1 December 2009, Flowserve Netherlands CV acquired a 72.7% interest in Flowserve Italy LLC for an amount of EUR 69,578,000. As a result of that new participation, the interest of Flowserve B.V. in Flowserve Italy LLC was reduced to 27.3%, being an amount of EUR 26,137,000 and Flowserve B.V. cannot exercise controlling influence anymore.
The participations which are not consolidated, since no controlling influence can be exercised, are: Audco India Limited, India Share: 50%
Valbart Sri, Milan, Italy Share: 50% Industrias Medina SA de CV, Mexico Share: 33,33% Inmobiliaria Industrial de Leon SA de CV, Mexico Share: 33,33% Maquiladora Industrial de Leon SA de CV, Mexico Share: 33,33% Flowserve Italy LLC, Irving, United States of America Share: 27,3% Audco Italiana SpA, Italy Share: 12,5%
|
Bank |
ABN Amro Bank NV |
|
|
Account number:
40.41.24.089 |
|
|
ABN Amro Bank NV |
|
|
Account number:
52.61.85.872 |
|
|
ABN Amro Bank NV |
|
|
Account number:
54.02.72.345 |
|
Real estate |
Property owned |
|
|
The real estate is
checked at the land registration office |
|
|
Object code: ETTEN-LEUR H
3418 |
|
|
Owner: Flowserve B.V. |
Management J.M.
Nanos
John
Michael
75038
Authorization: Fully authorized Position:
Manager Date appointed: 01-08-1999 Date of birth: 27-03-1947
C.H. Pruim Cornelis Hendrik
3356 DC
Authorization: Fully authorized Position:
Financieel manager Date appointed: 01-10-2005 Date of birth: 30-08-1972
J.J.J. Slabbekoorn Johannes Jan Jacques
Authorization: Fully authorized Position: Financieel manager Date appointed:
01-12-2007 Date of birth: 30-04-1969
R.J.M. van den Bogaard
Robert Joan Maria
Authorization: Limited authorization
Position: Proxy
Date appointed: 01-11-2010
Date of birth: 23-01-1972
Other directorships:
- Proxy: Flowserve Flow
Control Benelux B.V. - Roosendaal (KvK: 20042924)
L.P.M. Dunk
Lidwina Petronella Maria
Authorization:
Limited authorization
Position: Proxy
Date appointed:
23-03-2010
Date of birth:
11-12-1963
Payment experiences Payments
are regular
Payments Based
on multiple payment experiences up to € 50.000
Quarter: 2 2012: 40 Average days
Quarter: 3 2012: 65 Average days
Quarter: 4 2012: 44 Average days
Quarter: 1 2013: 50 Average days
|
|
invoices |
current quarter |
2012 Q4 |
2012 Q3 |
2012 Q2 |
|
|
Total |
420 |
100% |
682.396 |
675.461 |
715.912 |
681.988 |
|
Within terms |
292 |
72,6% |
495.548 |
534.670 |
312.978 |
515.109 |
|
Delayed 0 - 30 |
75 |
16,4% |
112.166 |
56.083 |
248.366 |
152.225 |
|
Delayed 31 - 60 |
41 |
6,4% |
43.961 |
73.267 |
139.207 |
14.654 |
|
Delayed 61 - 90 |
7 |
3,4% |
22.881 |
11.441 |
11.441 |
|
|
Delayed 91 - 120 |
2 |
0,5% |
3.136 |
|
1.568 |
|
|
Delayed 120+ days |
3 |
0,7% |
4.704 |
|
2.352 |
|
Auditor PricewaterhouseCoopers
Publication financial statement Annual accounts 2011 are published on 07-11-2012
Annual accounts 2010 are published on 25-08-2011
Annual accounts 2009 are published on 20-07-2010
Annual accounts 2008 are published on 20-11-2009
Annual accounts 2007 are published on 11-12-2008
Type of publication Consolidated
Annual accounts van Flowserve B.V. Parallelweg 6 4878AH
Etten-Leur KvK: 20052878
Publication Steady
|
BOOKYEAR |
2011 |
2010 |
2009 |
|
Quick ratio |
1,56 |
1,29 |
0,90 |
|
Current ratio |
1,91 |
1,60 |
1,27 |
|
Nett workingcapital / Balance total |
0,11 |
0,11 |
0,12 |
|
Capital and reserves / Balance total |
0,72 |
0,67 |
0,24 |
|
Capital and reserves / Fixed assets |
0,94 |
0,95 |
0,52 |
|
Solvency |
2,53 |
2,01 |
0,34 |
|
Nett workingcapital |
100.889.000 |
109.090.000 |
186.626.000 |
|
Capital and reserves |
637.481.000 |
651.728.000 |
386.812.000 |
|
Change capital and reserves |
-2,19% |
68,49% |
23,66% |
|
change short term liabilities |
-39,43% |
-73,47% |
-9,91% |
|
Operating profit |
15.929.000 |
24.129.000 |
157.085.000 |
|
Nett Turnover |
242.096.000 |
290.944.000 |
1.361.582.000 |
|
Profitability operating profit |
positive |
positive |
positive |
Annual accounts The company is obligated
to publish its annual accounts
Last annual accounts 2011
|
Type of publication |
Corporate |
|
|
Turnover |
2011: |
242.096.000 |
|
|
2010: |
290.944.000 |
|
|
2009: |
1.361.582.000 |
|
|
2008: |
1.316.559.000 |
|
|
2007: |
1.028.617.000 |
|
|
2006: |
692.354.000 |
|
|
2005: |
519.638.000 |
|
Gross profit |
2010: |
69.816.000 |
|
|
2007: |
325.674.000 |
|
|
2006: |
234.420.000 |
|
|
2005: |
167.681.000 |
|
Operating profit |
2011: |
15.929.000 |
|
|
2010: |
24.129.000 |
|
|
2009: |
157.085.000 |
|
|
2008: |
164.586.000 |
|
|
2007: |
86.064.000 |
|
|
2006: |
22.552.000 |
|
|
2005: |
25.595.000 |
|
Result after taxes |
2011: |
66.702.000 |
|
|
2010: |
23.993.000 |
|
|
2009: |
77.142.000 |
|
|
2008: |
83.941.000 |
|
|
2007: |
25.007.000 |
|
|
2006: |
1.442.000 |
|
|
2005: |
2.055.000 |
Tendency Changeable
Capital and reserves 2011 637.481.000
Total debt 2011 252.154.000
Current ratio 2011 1,91
Quick ratio 2011 1,56
Nett workingcapital 2011 100.889.000
Profitability More than sufficient
Solvency More than sufficient
Liquidity Moderate
Currency Euro
|
BOOKYEAR |
2011 |
2010 |
2009 |
|||
|
End of bookyear |
31-12-2011 |
31-12-2010 |
31-12-2009 |
|||
|
Intangible assets |
188.000 |
33.250.000 |
367.097.000 |
|||
|
Tangible assets |
21.620.000 |
22.806.000 |
115.668.000 |
|||
|
Financial assets |
656.834.000 |
629.550.000 |
263.065.000 |
|||
|
Fixed assets |
678.642.000 |
685.606.000 |
745.830.000 |
|||
|
|
||||||
|
Stocks and work in progress |
39.521.000 |
55.523.000 |
256.400.000 |
|||
|
Trade debtors |
55.053.000 |
53.540.000 |
240.349.000 |
|||
|
Other amounts receivable |
115.963.000 |
180.968.000 |
108.940.000 |
|||
|
Accounts receivable |
171.016.000 |
234.508.000 |
349.289.000 |
|||
|
Liquid assets |
711.000 |
1.265.000 |
267.682.000 |
|||
|
Deferred charges and accrued income |
115.963.000 |
|
108.940.000 |
|||
|
Current assets |
211.248.000 |
291.296.000 |
873.371.000 |
|||
|
Total assets |
889.890.000 |
976.902.000 |
1.619.201.000 |
|||
|
|
||||||
|
Minority interest |
|
|
398.000 |
|||
|
Capital and reserves |
637.481.000 |
651.728.000 |
386.812.000 |
|||
|
Provisions |
255.000 |
1.173.000 |
93.840.000 |
|||
|
Long term liabilities |
141.795.000 |
141.795.000 |
451.406.000 |
|||
|
Trade debts suppliers |
41.805.000 |
54.286.000 |
157.359.000 |
|||
|
Other short term debts |
68.554.000 |
127.920.000 |
529.386.000 |
|||
|
Total short term debt |
110.359.000 |
182.206.000 |
686.745.000 |
|||
|
Total debt |
252.154.000 |
325.174.000 |
1.138.151.000 |
|||
|
Total Liabilities |
889.890.000 |
976.902.000 |
1.619.201.000 |
|||
|
|
||||||
|
PROFIT & LOSS ACCOUNT |
|
|
|
|||
|
BOOKYEAR |
2011 |
2010 |
2009 |
|||
|
Turnover |
242.096.000 |
290.944.000 |
1.361.582.000 |
|||
|
Nett Turnover |
242.096.000 |
290.944.000 |
1.361.582.000 |
|||
|
Gross profit |
|
69.816.000 |
|
|||
|
Wages employees |
7.558.000 |
|
|
|||
|
Productiekosten |
|
|
241.007.000 |
|||
|
Sales costs |
|
221.128.000 |
|
|||
|
Depreciation and amortization |
|
13.038.000 |
|
|||
|
Raw materials |
193.322.000 |
|
963.490.000 |
|||
|
Other operating charges |
25.287.000 |
32.649.000 |
|
|||
|
Operating charges |
226.167.000 |
266.815.000 |
1.204.497.000 |
|||
|
Result participations |
32.438.000 |
|
3.509.000 |
|||
|
Operating profit |
15.929.000 |
24.129.000 |
157.085.000 |
|||
|
Financial income |
43.101.000 |
25.595.000 |
5.751.000 |
|||
|
Financial charges |
12.251.000 |
17.455.000 |
38.046.000 |
|||
|
Financial result |
30.850.000 |
8.140.000 |
-32.295.000 |
|||
|
Result before taxes |
79.217.000 |
32.269.000 |
128.299.000 |
|||
|
Income taxes |
12.515.000 |
8.276.000 |
50.843.000 |
|||
|
Result after taxes |
66.702.000 |
23.993.000 |
77.456.000 |
|||
|
Result participations after taxes |
|
234.725.000 |
|
|||
|
Nett result |
66.702.000 |
23.993.000 |
77.142.000 |
|||
|
Income attributable to minority interest |
|
|
307.000 |
|||
Merger and demerger Demerger proposal: Op 14-11-2012 Proposal - demerger registered Demerging entity: Flowserve B.V., 20052878 New registration: new set up Besloten Vennootschap: Flowserve Germany Activities of holding companies B.V..
Management Per 01-11-2010 is Proxy Robert Joan Maria van den Bogaard appointed.
Per 01-09-2012 is Proxy Elisabeth Wilhelmina Catharina de Jong out of office.
Per 01-09-2012 is Proxy Elisabeth Wilhelmina Catharina de Jong appointed.
Per 01-01-2009 is Proxy Gesuino Vaccani out of office.
Per 01-01-2011 is Proxy Elisabetha Maria Petronella van Waveren out of office. Per 24-06-2010 is Proxy Harm Roelof Botter out of office.
Per 24-06-2010 is Proxy Harm Roelof Botter appointed.
Per 01-04-2010 is Proxy Ronnie Matheus Johannes Kattenpoel Oude Heerink appointed.
Per 23-03-2010 is Proxy Lidwina Petronella Maria Dunk appointed.
Per 23-03-2010 is Proxy Elisabetha Maria Petronella van Waveren appointed. Per 01-03-2010 is Proxy Paulina Maria Francisca Hendriks-Veltman out of office.
• Flowserve B.V. (20052878)
Etten-Leur
Flowserve Flow Control Benelux B.V.
(20042924)
Roosendaal
Subsidiary
Flowserve Netherlands
Management B.V. (20130060)
ETTEN-LEUR
Subsidiary (100%)
Flowserve Finance B.V. (34138212)
ETTEN-LEUR
Subsidiary (100%)
Flowserve International B.V. (33302300)
ETTEN-LEUR
Management relation (100%)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.